Louisiana Reports Big Jump in Casino Revenue
In another of a series of increasingly positive reports nationwide, Louisiana casino revenue showed a jump of over 10% in May over the previous month. The statement also compared very favorably in contrast with May of 2007, increasing about 7%.
The total casino take for the moth reached $235.2 million. April had totalled $213.1 million, and May of 2007 had reported $220.5 million.
Combined with other casino revenue statements, such as the Atlantic City total showing slight growth after months of decreases, the Louisiana news gives signs of hope that the poor response by the casino industry to worldwide economic uncertainty may be coming to an end.
Loren Scott, a professor of economics at LSU, said government stimulus checks may have provided part of the revenue resurgence, allowing individuals with tight budgets to spend a little mad money.
"Surveys showed people were going to spend about half of it and stash the other half. So, there's some discretionary income there," Scott said.
Casinos near the Texas border did particularly well, as venues in Lake Charles and Bossier City both reported gains well above average.
Wayne Duty, executive director of the Casino Association of Louisiana, did sound some cautionary notes, saying he also believed tax refund checks played a part in the revenue upswing, and noting that spiraling gas prices may inhibit future border crossings from Texas drivers.
